Shared Interest - October 2007

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Computer Tweaking 102

We are very excited about the rollout of some of our efforts over the last few months since conversion. If you are a Touch-Tone Teller user, you will find we have streamlined the system based upon comments received by our members. In addition, you will see some major changes in the look of your account statement. The statement enhancements will be rolled out during the next two statement cycles. The look will be comparable to what you were used to prior to conversion. In October, we will be converting to Real-Time ATM transactions. All deposits and withdrawals will be posted on the same day the transaction is made. We are excited the system is working well, and we are continuing to make enhancements and additional changes to improve our service to you. Please keep those comments and suggestions coming!

Signing Your Spouse’s Name?

Uniform Commercial Code (Ohio State law) prohibits SELCCU from accepting a known forgery, which includes your spouse or a family member signing your name. We take the protection of your account very seriously and will not honor any drafts, withdrawals or other paperwork that have not been signed by you.

New ATM on LCCC Campus

SELCCU has added another ATM to its network! It is located on the Lorain County Community College campus in the 2nd floor walkway between the Health Sciences and Physical & Social Sciences buildings. The ATM will be relocated to the College Center once current construction is completed. By using an ATM in the Alliance Network, you can avoid “foreign” ATM charges. For a complete list of all the ATMs in the network, log on to www.selccu.org. Double-click on the Alliance One Network logo on the right-hand side of your computer screen.

Tips for Teens

Laura Rowley, author of Money & Happiness, says online shopping accounts and other virtual forms of money have made it difficult for teens to grasp the value of a dollar and deter budgeting skills. Help your teenager by sending him or her on an errand, like grocery shopping, with a list and a spending limit. Let your child keep any cash saved through discounts or coupons. SELCCU has Club FLY (Financial Literacy for Youth), a line of products for members age 13-17. Find out more … stop in, call or log on to our Web site www.selccu.org.

Are You an e-News Subscriber?

Find out the latest information on new products and services, as well as news and events at SELCCU. To sign up, log on to www.selccu.org and select “e-News List” on the left-hand side of your computer screen. If you are already an e-News subscriber, and are using an e-mail filter, remember to adjust its settings so messages from enews@selccu.org are accepted.

Real-Time ATM Processing

Beginning in late October, we will be converting to Real-Time ATM transactions. You’ll receive immediate credit for deposits received and the deposit will reflect on the account the day it is made. In addition, debits from your account will reflect the day they are made as well. Look for more information coming soon.

Holiday Closings

Columbus Day Monday, Oct. 8		Veterans Day Monday, Nov. 12
	Thanksgiving Day Thursday, Nov. 22

What is a payday loan?

A payday loan may be called a cash advance loan, a check advance loan, a postdated check loan or a deferred deposit loan. In order to receive a payday loan, a customer must write a postdated check as “collateral.” The individual then borrows a small amount of money ($50-500) for 15 or 30 days. The loans are marketed as a solution for people who need extra cash to make it to their next payday.

How do payday lenders make money?
By charging a flat loan fee or basing the fee on how much money you borrow. In addition, these lenders often charge a triple-digit interest rate. In Ohio, a 14-day payday loan for $100 could carry an annual interest rate of 391 percent once fees are added in.

Payday loan businesses market themselves as a short-term financial solution; however, the Center for Responsible Lending has shown the average borrower takes out nine loans per year. Ohio law prohibits the lender from offering a new loan so the borrower can pay off an existing one. Some payday lenders get around this by making available back-to-back transactions and charging the same fees for each “extension.”

What can you do?
Protect yourself by shopping carefully for credit and/or loans. Compare the finance charge and Annual Percentage Rate (APR). Don’t sign any agreement unless you understand your financial obligations, the interest rate and any fees involved.

Try to work out a debt repayment plan with your creditors. SELCCU has loan options with lower interest rates and fees than payday lenders. We encourage you to call us or stop in to find a better solution for your financial situation.

The Payday Loan Problem
In Ohio, there are more payday loan locations than McDonald’s, Wendy’s and Burger King restaurants combined. A recent study released by Policy Matters Ohio and the Housing Research & Advocacy Center reports the number of payday loan stores in Ohio has jumped from 107 to more than 1,560 in only a decade.

Find the Mortgage for You

The recent trends in the housing market make it important for you to explore all your financing options when buying a home. Let SELCCU help! Log on to www.selccu.org and select the myCUmortgage link to:

	Check current rates.
	Complete a short-form online loan application.
	Get a loan approval for qualified online applicants.
	Sign up for the rate tracker and receive an e-mail when interest rates hit your target.
	Use one of several mortgage calculators to pick the best product for you.

SELCCU can refinance your current loan from another financial institution, up to a 15-year term. We also offer home equity lines of credit and home equity loans. In addition to the myCUmortgage online service, you are welcome to stop in and talk with one of our Loan Officers.

Is Your Family a Member of Our Family?

As a SELCCU member, your immediate family may also join the credit union. SELCCU has recently expanded the definition of immediate family; it is now defined as your spouse, children, stepchildren, parents, stepparents, siblings, stepbrothers, stepsisters, grandchildren, stepgrandchildren, grandparents, and mothers-in-law and fathers-in-law.

Let your loved ones know they can become a member by depositing $5 in a new share savings account. Once a member, always a member … even if you leave your place of employment or move from the area. Just keep a minimum $5 in a share savings account and use at least one of our other services.

Encourage your family members to stop by Member Services so they can enjoy benefits, such as higher dividend rates on share savings accounts and share certificates and generally lower interest rates on loans and credit cards.

ATM / Night Deposits

The ATM and night deposit located at our offices are great ways for you to deposit cash after business hours. To help us serve you better, remember to include a deposit slip or your account number. This will ensure your transaction is posted to the correct account. For security reasons, please do not write your account number on the outside of the envelope.

Don’t Pay for Your Credit Report

The Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act require each of the nationwide consumer reporting companies— Equifax, Experian and TransUnion—to provide you with a free copy of your credit report, at your request, once every 12 months.

Only one Web site is authorized to fill orders for the free credit report you are entitled to under law: www.annualcreditreport.com.

Some Web sites claim to offer “free” credit reports, credit scores or credit monitoring services. These sites are not part of the legally mandated free annual credit report program. In some cases, the Web sites will try to sell you something, attempt to collect personal information or automatically convert to a fee schedule after offering free services for a trial period.

Some companies have a Web address similar to the official one in hopes of catching anyone who misspells the correct Web site. If you paid for what you thought was a free credit report, contact the Federal Trade Commission at www.ftc.gov/bcp/conline/edcams/freereports/index.html.

Fall into Great Savings With Our Visa® Balance Transfer Offer!

3.99% APR*

For any balance transfer posted to an existing or a new SELCCU Visa Classic or Visa Gold credit card between October 15 - November 30, 2007, you’ll enjoy a promotional rate of 3.99% APR* until that balance is paid in full!!

Request a balance transfer in person or online.

No fees or charges apply for balance transfers.

*Annual Percentage Rate. Offer applies to current SELCCU Visa cardholders and anyone who opens a SELCCU Visa during the promotion. Current cardholders cannot be over limit or delinquent in order to take advantage of the promotional rate. This offer applies ONLY to balance transfers from other financial institutions, not cash advances or purchases. If the account has balances with different APRs, payments are applied to the balance with the lowest APR before any payments are applied to those with the higher APRs (in other words, balances with higher APRs are not reduced until balances with lower APRs are paid). If the account becomes delinquent, the rate reverts to 11.5% APR for Visa Classic and 8.9% APR for Visa Gold.